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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Nov. 9, 1913)
THE StTXPAT OREGOyiASV rORTXANP. NOVEMBER 9, 1913. 15 ARE WANTED HERE Order Issued to Recruit Third Infantry Regiment Up to Militant Strength. ACTIVE SERVICE INTIMATED The Extraordinary Special Offer to Automobile Owners by the White Company vEMBRYO WARRIORS I Ontv J . ' . ' . 1 Onlf i Here At Leist! ill V V v Warning Freely Given Applicants That They Are Not Desirable Cn less Prepared to Go to War if It Should Be Xeccssary. "Recruits Wanted." This is the sign that will go up in many parts of the rity during the week. The recruits are wanted tor the Third Infantry Heel- ment of the Oregon National Guard, and they are wanted as a result of an order to recruit the regiment up to a war rootinsr. Kecruitlna- is to he kept up in earnest iiniu the several hundred men required are added to the company rosters. Many inducements are being put forward to attract desirable young men, and it is believed that the ranks will fill quickly. The order to recruit to war strensrth lately was Issued from National Guard lieadquarters and Is the result of a de sire to he prepared for eventualities in case foreign service is required. Artlve Service Thought Probable. The present strained relations with Mexico have convinced many Guards men that active service is not far dis-- tant, for It is known that intervention plans, as now on record at the War liepartment. Include use of the organ ized militia. With the Regular Army kept at a mere handful and no other organized force avilable. use of the Na tional Guard In any extensive military movement or demonstration is termed inevitable by Army officers. While Mexican service is not of ficially being held out as an induce ment at the Armory recruiting office, nevertheless recruits are not wanted who do not mean business. It is ex plained that the training of the Na tional Guard is largely paid for by the tTnited States Government now. and that It Is not the policy to waste time training men who do not enlist with the Idea of going to the front in event of war. Full Equipment Issued. Full field and garrison equipment is being Issued promptly to all recruits received at the Armory. Each recruit receives a United States magazine I ririe, bayonet, first-aid pouch and packet, canteen and strap, haversack, mess outfit, shelter tent half, olive drab blanket, rubber poncho, drab over coat, olive-drab uniform, ollve-drab shirt, blue uniform, hats, caps, instruc tion books and rifle ammunition for use at the rifle range. For this expensive output the recruit pays nothing. In addition he receives free use of a locker, of the gymnasium, reading room and other Armory privileges. Commissions as first lieutenants await several doctors, who are wanted at the recruiting office. The Third Regiment has not its full complement of surgeons, and an effort will be made at once to get suitable material. Ap plications will be received . by the re cruiting officer at the Armory. PERSONALMENTION. J. H. Graham, of The Dalles, is at the Cornelius. W. Rldedale, of The Dalles, is at the Washington. B. W. Filer, of Twist, Wash., is at the Perkins. Mrs. G. H. Mllet, of Carlton, Or., is at the Carlton. Dr. and Mrs. Sinclair, of New Tork, are at the Portland. W. II. Bachmeyer is registered at the Cornelius from Albany. C. M. Sain, a business man of Paisley Or., is at the Portland. ' J. D. Gordon is registered at the Cornelius from Newberg. D. F. Everett, a Roseburg business man, is at the Cornelius. H. V. Poindexter and A. L, French, of Bend, are at the Oregon. F. M. ' Burnside. a Seattle insurance man. Is at the Multnomah. E. C. Ward registered at the Wash ington yesterday from Goldendale. J. B. Bradshaw has returned from Minneapolis and is at the Portland. Will P. Fisher, of the Fisher Flour ing Mill.s Seattle, is at the Portland. W. la. Bronson registered at the Per kins yesterday from CentralU. Wash. F. E. Laurance, a merchant of The Dalles, registered at the Cornelius yes terday. Mr. and Mrs. J. C. Kubeas. of Red landsv Cal., are registered at the Carl ton. F. W. Boldrick, a Spokane business man. registered at the Multnomah yes terday. J. E. Murphy and J. R. Wallock, of Kooskladda, Idaho, are at the Wash ington. !. I Tracey and J. M. Hawthorn, of Astoria, registered at the Oregon yes terday. H. S. McGowan. of McGowan, Wash., where he operates a cannery, is at the Imperial. G. B. Johnson, general agent for the North Bank at Astoria, is registered at the Oregon. W. N. Barrett, a Hillsboro attorney, registered at the Imperial yesterday with his family. Mrs. M. McClure, L. C Boyatt and W. C Miller are registered at the Carlton from Camas. Wash. Miles C. Moore, ex-governor of Wash ington, is registered at the Multnomah from Walla Walla, where he is a banker. C. A. Watson, of San Francisco, Pa cific Coast manager for the Standard Oil Company, registered at the Imperial last night. Mr. and Mrs. O. Wlngate are regis tered at the Multnomah from Astoria, ns are also James Finlayson and Mrs. J. E. Gilbaugh. H. W. Prlckett, general agent of the trafflo department of the Chicago A Alton, is registered at the Multnomah from Salt Lake City. L. W. Hill, J. M. Hannaford, Pierce Butler. F.. W. Costello and J. F. Win ecke. of St. Paul, and George T. Reld, of Tacoma, members of the party of prominent railroad men no wtouring Oregon, were registered at the Portland yesterday. Among the Oregon people registered at the Perkins yesterday were J. Mar shall, of Astoria; George H. Bell, of b'ublimlty; O. II. Fltzpatrlck. of New berg; E. E. Jones, of Gervais: S. E. Watkins. of Newberg; Reld Eldridge and I-ester Morgan, of Banks, and R. F. Rhigne, of Tillamook. James J. Hill And the following mem bers of his party are registered at the Oregon: George F. Baker. St. Paul; M. R. Brown, St. Paul; George B. Har ris. Chicago; F. A. Chamberlain. Minne apolis; R. A. Jackson, St. Paul; A. L. Ordean. Duluth; Grenvllle Knne, Tux edo. N. Y., and George W. Oala, Nevr York. A rule of our house is never to accept two exchange (used) cars on the purchase of anew one, nor to accept an exchanged (used) car on another exchanged (used) car. An exception will be made for 4 days. There fore, from Monday, 'Nov. 1 0, to and including Thursday, Nov. 14(4 days) we offer you the unrestricted choice of $20,000 worth high-grade R econstructed Car Pleasure At a Net Saving to You of Over 25 -with YOUR used car taken in exchange as part payment. Here's the list: 5-Pass. 40-H. P. Black Touring Car, fuJly equipped, has self-starter Cost new. . .?3915.00 Cost us. . .?3402.48 6-Pass. 40-H. P. Brewster Green Touring Car Cost new. . . $3890.00 Cost ns . . . $2750.00 5-Pass. 30-H. P. Black Touring Car, fully equipped Cost new. . .$2865.00 Cost us. . .$2424.00 5-Pass. S0-H. P. Green Touring Car, fully equipped -Cost new... $2840.00 Cost us. . .$2573.13 2-Pass. 30-H. P. Black Roadster, fully equipped Cost new. ..$2530.00 Cost us. . .$2121.04 4-Pass. Blue Touring Car, fully equipped Cost new. ..$3250.00 Cost ns. . .$1393.45 Sale price. . .$2000.00 Sale price... $2000.00 Sale price. . .$1800.00 Sale price. . .$1800.00 Sale price. . .$1500.00 Sale price. . .$1000.00 5-Pass. Black 40-H. P. Touring Car, fully equipped Cost new. ..$3500.00 Cost us. . .$1793.66 7-Pass. Black Touring Car, 50-H. P., fully equipped Cost new. . .$2500.00 Cost us. . .$1367.15 7-Pass. Black 40-H. P. Touring Car, full equipment Cost new. . .$3650.00 Cost us. . .$1258.50 5-Pass. 60-H. P. Black Touring Car, full equipment Cost new. . .$5000.00 Cpst us. . .$1902.21 $20,985.82 In other words, a reduction of approximately 29 per cent. Sale price.. .$1500.00 Sale price. . .$1000.00 Sale price. . .$1000.00 Sale price. ..$1200.00 $14,800.00 4 Days j I Only Some of these cars have been slightly used for demonstration purposes and otherwise, and all have been reconstructed as good as new. The White Company Broadway, near Oak E. W. HILL, Manager "In the Business District for Y our Convenience" If you are dissatisfied in any way with your car this is your oppor tunity to dispose of it .at a great advantage by turning it in for a better car at a great saving. j 4 Days Only j CURRENCY BILL VIEWS OF BANKERS GIVEN OUT National Banks Seek Law Which Will Prove Attractive to State Banking Institutions as Well Objections to Measure Made Known. HE following discussion of the cur rency bill prepared by the Na tional City Bank of Chicago is printed by request as fairly refleotlne the opinions of the banking- interests of the country in respect to the meas ure: j "The attitude of the bankers to the cur rency bill is not' clearly understood by the people, nor accurately represented In the press. Some leaders among them are quoted as indorsing the measure "in principle" and others as objecting to it in some detail. Consequently they are regarded as divided on the question. The fact is, however, that they are as unanimous as any oody of men can ever be regarding an Important meas ure. Their attitude was set forth def initely in the resolutions adopted unan imously at the Chicago cenference in August and since indorsed with prac tical unanimity by bankers' conven tions in every part of the country. "The bankers recognize the necessity for improvement in the currency and banking system. They have not met reform with opposition. They, and only they, have advocated It for many years. Moreover, they believe that the administration is sincerely seeking to give a wise law to the country. But they think they understand the matter from a practical, standpoint better than anyone else, and they wish to contribute the knowledge, acquired in the hard school of daily experience, towards the solution of the problem. They know that the modern credit system, which is their dally life, is a. matter of such delicacy that to change its operation as radically as even they themselves advocate will require time, skill and the hearty co-operation of all con cerned. They, therefore, ask for a measure that not only National banks will gladly accept, but that will attract large numbers of state oanks, and they believe that nothing 6hort of such uni fication will settle the problem. Mala Principle Indorsed. "They indorse the main priclple of the bill, which Is the centralization of reserves as a basis for an elastic cur rency and credit system. They believe that such elasticity is the only cure for the periodical panics from which this country alone, among great nations, suffers. They aiso favor many of the minor provisions. But they strongly object to certain features of the plan as being unfair to the banks unsound in principle or unworkable In prac tice. The amendments which they sug gest are clear and definite. "First The bankers object to the coercive method of the proposed change. They believe the new Federal reserve banks should be given a charter and be permitted to prove their right to live by demonstrating their usefulness. Subscriptions to their stock and busi ness relations with them should be vol untary not compulsory on the part of the existing banks. If they are a good thing they -will live and grow, and gradually take their proper place in the financial system. The new order of things should be brought about by evo lution, rather than revolution. "Second As they are to contribute all of the capital to the Federal reserve banks, and all of the deposits (except those of the Government), the bankers believe that they are entitled to repre sentation on the Federal Reserve Board. They believe in the old doctrine from the inspiration of which this country was born "No taxation with out representation.' "They do not ask control, although an effort has been make to make it appear that they do. "The bill as originally written by the Glass committee gave them a rep resentation of three on a board of nine, which was satisfactory. The change to a political board of seven, with no representation of the stockholders was an after-thought. The bankers resent the Implied want of confidence which shows between the lines in this and other features of the bill. What BUI Sponsors Say. "The sponsors or this bill state publicly that they are seeking by It to break up the connection between the banks and speculation on the New York Stock Exchange. They claim, too, that 'the credits of the country are not upon equal terms to everybody,' and the banking business is held up to the people as practicing abuses requiring the taking of its control entirely out of the discredited hands of the bankers. "The bankers resent these insinua tions. They find nothing in the bill warranting the belief that It will se riously affect stock speculation. It might result in narrowing the fluctua tions in the stock market by rendering the money market more steady; but New York will remain the financial center of the country, and the stock ex change wll continue whether this bill be enacted, modified or defeated. "The truth is that there are two dis tinct kinds of banking, and separate movements for their reform have be come merged into one. On the one hand there is Investment banking. Tnis is the banking that supplies large amounts of capital to corporations by the sale of stocks, or makes long-time loans to corporations or municipalities in the form of bonds. It is very, profit able, and it is largely in the hands of private banking firms, the greatest of them being in New York. They are not under Government supervision or control. "On the other hand, there is commer cial banking, which does not supply capital, but which augments capital by short-time loans to individuals, firms or corporations usually without secur ity, the credits being largely based on tho borrower's own statements regard ing their financial condition. This busi ness is done on a narrow margin of profit, and it is transacted by about 25,000 National and state banks in every city, town and village in the country. They are all under close Gov ernmental supervision. "Investment banking has been the subject of the politicians' attack on "Wall street" culminating in the Pujo committee investigation. Panic Prevention Sona-fct. "Commercial banking is conducted on a high plane of integrity, and' effici ency, and its only fault Is the lack of a system which will prevent panics. To that end the commercial bankers themselves have urged reform for many years. "Many unwarrantable conclusions were drawn from the "revelations' of the Pujo investigation, but whatever there is in the minds of the people about credit circles of inclusion and ex clusion, or the 'money trust,' or huge unwarranted profits on flotations of stock, has to do with Investment and not with commercial banking. So the politicians make speeches about invest ment banking, and vote for a Mil that changes commercial banking and leaves what they have In mind absolutely un touched. "The commercial credits of the coun try are today not only open to every one entitled to them, but there is the keenest competition to supply them. We wonder if those who talk other wise ever heard of the ubiquitous note broker. AVlthln the last score of years the business of supplying the credit of the banks to deserving borrowers for a small commission has grown to enormous proportions. These com mercial paper houses have men travel ing all over the country offering to sell credit as persistently as the traveling salesman of wholesale houses offer to sell dry goods or groceries. Tha busi ness they do runs into billions. "It is quite true that a few of the largest National banks participate in the large Issues of bonds brought out by the private bankers but there is nothing in the new bill to stop them doing so, and it would be a calamity to the country if there were. They are forbidden now from participating in flotations of stock. But the great mass of commercial banks have no connec- SOTJTH POBTLAKD FACTORY REMODELED. -5 mm -fer JJrf 'sf fa i it ' I! KMARtKD FLAM OK RK1EHSOX MACHINERY COMPANY. The Reierson Machinery Company, has just completed remodeling its plant in South Portland. The ca pacity of the factory has been increased to meet the demands of the firm's business. The company also maintains a large sales department on Morrison street, at the approach of ths Morrison bridge. tlon whatever either with Stock Ex change speculation, or - the flotations of stocks and bonds. Commercial bankers, therefore, do not see why an unfair bill should be imposed upon the entire chain of banks, covering the country, because a few links of the chain have connections in New York which the sponsors for the bill do not approve. "Sad Day," Prediction Out. "It will be a sad day for this coun try when there exist no banking houses big enough to float the requirements of the great railroad and other corpor ations, or of the great cities; and what we have said is not intended as a re flection on the private bankers' of New York. Our point Is that it is their business which gives any color to the speeches of the framers of the bill, and that the bill itself will not touch them or their business. "Third State banks outnumber Na tional banks by more than two to one. In the Chicago clearing-house there are 44 state and only 13 National banks. This is because state charters are, as a rule, freer and more profitable than the National charter. There are oniy three advantages in a National char ter. These are the possibility of be coming; a United States depository, the Issuance of currency, and the holding of the reserves of other banks. The bankers are willing to surrender the first two of these to the Federal re serve banks "pro bono publico.' The third, however, forms a most impor tant part of the business of city banks. In Chicago about 60 per cent of Na tional bank deposits is composed of these balances due to other banks. It Is impossible to state in advance what proportion of these deposits would be transferred to the Federal reserve banks, but the bill contemplates trans ferring the whole of them, the trans fer to be spread over a period of three years. "Now bankers are as patriotic as other men, but they have built up this business amid keen competition, and at great expense. This bank, for example, in 1910 bought $4,000,000 of such de posits from the Hamilton National Bank, and raid a cash consideration of $120,000 for them. Moreover, the number of the employes, the size of the office, the extent of the loans, and the size of the salaries of the officers of National banks in the cities have all been predicated on the possession of that business. So the bankers are in clined to squirm when it is proposed to take it away from them, and they modestly ask to be allowed to retain half of it, conceding the other half to the Federal reserve banks for the gen eral good. In other words, they ask that country banks be permitted to carry reserves of 12 per cent 4 per cent in their own vaults. 4 per cent in the Federal reserve banks, and 4 per cent with their reserve city correspond ents: whereas, the bill proposes that all the reserves, except those in their own vaults, be deposited with the Fed eral reserve banks. Bnalnna Men'n Side Been. "If any business men among our readers are Inclined to agree with the sponsors for the bill, and call this 'selfish,' let them ask themselves how they would feel if the Government pro posed to reform their business by com pelling them to transfer about 50 per cent of it to another institution en gaged in the same line, and a possible competitor. We say 'possible competi tor' because it is a matter of dispute whether section 15 of the bill gives the Federal reserve banks power to com pete with other banks in 'open-market operations.' We think it does. But there is another side to this. "How is the contraction of National bank loans, which the loss of their bank deposits would entail, to be ac complished? This is a serious question for the Interests of general business. Commercial banking Is woven into the texture of all business, and the severe initial contraction of bank loans which is proposed could not fall to have a disastrous effect. Even with the re discounting facilities afforded by the Federal reserve banks, and the hearty co-operation of the bankers, the prob lem would be a difficult one. If forced upon the banks against their will we. frankly, do not see how it could be ac complished. "There are other features of less Im portance in the bill which the prac tical experience of the bankers leads them to wish to see modified. But the provisions here discussed are vital. The bill, as passed by the House would, in our opinion, fail to settle, and in fact, only irritate the currency problem. But the worst never happens in this coun try, and we have faith that the earnest efforts of the Administration, and tho practical view of the bankers, will he harmonized In the bill which will be finally signed by the President." Ballot Officials Not Laborers. Election officials are not prevented by law from working more than eight hours a day according to an opinion rendered by Attorney-General Craw ford In reply to a query from Auditor Martin as to whether he should pay overtime to officials who served at last Tuesday's election. The length of day, from 8 A. M. until 8 P. M. is prescribed by statute, which also pro vides that they shall receive $3 for the day's work. Electrion officials are public officers, Mr. Crawford says, and do not come under the classification of laborers. Holland buy many mouse traps and rat trnpa for export to Its colonies. est Signal Service III il Frtitola Sjasa Ckuar Stoaact TiwNt 111 the World v"J TRAXO uTDkuotrrt AM KM. n . ti wrr, t us Her are the pictures of our two sovereign California Remedies fru it ofa and Traxo. This is just the way they will look when you see them on the druggist's shelf or counter. We put these pictures here lor your pro tectum because our remedies are so ffood and efficient that we have imita tors. We want you to get the original find genuine preparations, and when the medicine you buy is put up like the above pictures, you wilt know that you have the genuine article Take no imitation or substitute. EVERYBODY is not in need of, or able to ap preciate for that reason, the splendid signal service advance warning given to the country by Uncle Sam. But everybody is in need of, should fully appreciate and instantly heed this best signal service in the world ' These warning signals of approaching danger and ca lamity will come to you in the form of exaggerated head aches,. acute indigestion, bil ious condition, constipation, etc., etc. These are not diseases in and of themselves. They are but the danger signals of such diseases and troubles as chronic indigestion, liver com plaint, gall stones, appendi citis, and others which might be named. It is not really a very diffi cult thing to be well and strong and to keep so. But one must heed the warnings the sig nals which nature throws out for one's protection. One lit tle cup of water wilt put out ' the fire at just the moment of starting and save the danger ous conflagration. One little treatment with the renowned twin remedies, FRUITOLA and TRAXO, will show such marked results that you will always remember in gratitude our having brought them to your attention. These sovereign California remedies are just Nature's remedies, the juices of rich, ripe fruits and essential oils brought together in just the right proportion to produce the desired results. They not only clear up the alimentary tract from end to end, but they build up and strengthen the mucous lining and muscular system of both stomach and intestines, giving them great ly increased digestive and as similative power. That means that you are cured. That's all. Our little book, sent free upon request, tells all about this, and gives the evidence of hundreds and hundreds who have escaped operations for gall stones and appendicitis by the use of FRUITOLA and TRAXO These preparations are sold by nearly all druggists. If you do not find them at your drug store, write ns direct and we will see that you are supplied. PINUS MEDICINE CO. LOS ANGELES, CAL. For Sale by The Owl Drug Co., Portland, Or. i